During the first half of 2018, Enforcement Watch tracked 40 publicly announced or publicly filed enforcement actions involving consumer financial services companies. The 18 enforcement actions tracked during Q1 2018 represent a substantial decrease from the 46 actions tracked in Q1 2017. That trend continued in Q2 2018, with Enforcement Watch…
On Tuesday, May 8, 2018, Anthony Alexis, head of Goodwin’s Consumer Financial Services Enforcement Practice and former Assistant Director and Head of the Office of Enforcement at the Consumer Financial Protection Bureau, and Kyle Tayman, partner in Goodwin’s Consumer Financial Services Enforcement Practice, kicked off Goodwin’s State of Enforcement Series with the webinar “What’s Happening Inside the CFPB and…
In the second quarter of 2017, Consumer Enforcement Watch tracked 40 enforcement actions taken against consumer financial service providers. This represents a marginal decrease from the 46 enforcement actions taken against consumer financial service providers that we tracked last quarter, and from the 46 enforcement actions tracked in the second…
On February 9, the Attorney General’s Office for the State of Georgia (Georgia AG) announced that it reached a settlement and entered into a consent order with a California-based online lender relating to an alleged “rent-a-tribe” scheme. The consent order, filed in Georgia state court, bars the lender from doing…
Goodwin, a leading Global 50 law firm, announced today the release of the 2016 Consumer Finance Year in Review, a detailed report that highlights the major litigation, enforcement and regulations that impacted the consumer finance industry in 2016. The second annual report, produced by the firm’s Financial Industry and Consumer…
On January 12, 2017, the Florida Attorney General’s Office (Florida AG) announced that it and the Florida Office of Financial Regulation (Florida OFR) had entered into coordinated settlements with an online payday lender and its affiliated entities. The payday lender was accused of charging interest rates prohibited by Florida law. This…
On January 3, 2017, the U.S. District Court for the Central District of California certified for appellate review its August 31, 2016 Order finding that a California-based payday lending company used a “rent-a-tribe” scheme to avoid state usury laws, in violation of the Consumer Financial Protection Act (CFPA). Enforcement Watch covered the August 31,…
Privacy and cybersecurity continue to be among the top issues facing companies and in-house counsel. From the rise of artificial intelligence and the internet of things (IoT), to ransomware and the Privacy Shield, the ever-evolving privacy landscape presents unique risks for businesses across industries. Please join Goodwin’s newest Privacy partner,…
On November 28, 2016, the Consumer Financial Protection Bureau announced that it issued a compliance bulletin warning regulated financial companies about the use of employee incentive programs in providing their financial products to consumers. The Bureau advised that these types of programs, if run unchecked or with excessive sales goals,…
Today’s WSJ Pro Market Talk: Daily Analysis Roundup featured an article titled “3Q Enforcement Actions vs. Consumer Financial Firms Fell,” which cites data reported on by Enforcement Watch: During the July-September quarter, federal and state regulators brought 37 enforcement actions against consumer finance providers, a slower pace than the 46 cases…